[Form 4] DraftKings Inc. Insider Trading Activity

Rhea-AI Filing Summary

Matthew P. Kalish, President, DraftKings North America, reported multiple transactions dated 09/01/2025 relating to the vesting of restricted stock units (RSUs) and related withholding. The reporting person acquired net shares from three RSU vesting events: 22,059, 9,649, and 7,951 Class A shares (coded M). To satisfy tax withholding, the issuer withheld and disposed of 10,666, 4,666, and 3,845 shares (coded F) at a reported price of $47.98 per share. Following these transactions, the filing shows direct beneficial ownership totals in the range of about 4.21 million Class A shares, plus indirect holdings of 196,309 shares held by Kalish Family 2020 Irrevocable Trusts and 2,938 held by the Matthew P. Kalish 2020 Trust.

Insights

Financial Analyst

TL;DR: Routine executive compensation vesting with tax-withholding share disposals; no discretionary market sales disclosed.

The filing documents the vesting of RSUs granted in 2023, 2024 and 2025, with the reporting person receiving the net shares and the issuer withholding specific share amounts to satisfy taxes. Dispositions are reported under code F at $47.98 per share, consistent with issuer tax-withholding practice rather than voluntary cashing out. The reported direct beneficial ownership after the transactions remains approximately 4.21 million Class A shares, and there are additional indirect trust holdings disclosed. From an equity-liquidity perspective, these transactions reflect compensation settlement mechanics rather than active trading.

Corporate Governance Expert

TL;DR: Standard executive equity vesting and tax-withholding documented; disclosures conform to Section 16 reporting norms.

The Form 4 clearly identifies the reporting person, relationship to the issuer (director and officer), and itemizes RSU vesting events and corresponding withholding dispositions. RSU grant schedules referenced (Feb 13, 2023; Feb 12, 2024; Feb 10, 2025) and the quarterly vesting structure are disclosed in the explanations. Indirect holdings through family and personal trusts are properly reported. The filing appears to meet required transparency for beneficial ownership changes.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Kalish Matthew

(Last) (First) (Middle)

C/O DRAFTKINGS INC.

222 BERKELEY STREET, 5TH FLOOR

(Street)

BOSTON MA 02116

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
DraftKings Inc. [ DKNG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	See Remarks

3. Date of Earliest Transaction (Month/Day/Year)
09/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	09/01/2025		M		22,059	A	(1)	4,212,292	D
Class A Common Stock	09/01/2025		F		10,666	D	$47.98	4,201,626	D
Class A Common Stock	09/01/2025		M		9,649	A	(2)	4,211,275	D
Class A Common Stock	09/01/2025		F		4,666	D	$47.98	4,206,609	D
Class A Common Stock	09/01/2025		M		7,951	A	(3)	4,214,560	D
Class A Common Stock	09/01/2025		F		3,845	D	$47.98	4,210,715	D
Class A Common Stock								196,309	I	Held by Kalish Family 2020 Irrevocable Trusts
Class A Common Stock								2,938	I	Held by Matthew P. Kalish 2020 Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	09/01/2025		M			22,059	(4)	(4)	Class A Common Stock	22,059	$0.00	132,353	D
Restricted Stock Units	(2)	09/01/2025		M			9,649	(5)	(5)	Class A Common Stock	9,649	$0.00	96,495	D
Restricted Stock Units	(3)	09/01/2025		M			7,951	(6)	(6)	Class A Common Stock	7,951	$0.00	111,310	D

Explanation of Responses:

1. No shares of Class A Common Stock were transferred or sold upon the vesting of the restricted stock units ("RSUs") other than to the Issuer to satisfy withholding taxes. The Reporting Person received the net of the 22,059 shares of Class A Common Stock underlying the RSUs listed in Table II, and 10,666 shares of Class A Common Stock withheld by the Issuer. Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock.

2. No shares of Class A Common Stock were transferred or sold upon the vesting of the RSUs other than to the Issuer to satisfy withholding taxes. The Reporting Person received the net of the 9,649 shares of Class A Common Stock underlying the RSUs listed in Table II, and 4,666 shares of Class A Common Stock withheld by the Issuer. Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock.

3. No shares of Class A Common Stock were transferred or sold upon the vesting of the RSUs other than to the Issuer to satisfy withholding taxes. The Reporting Person received the net of the 7,951 shares of Class A Common Stock underlying the RSUs listed in Table II, and 3,845 shares of Class A Common Stock withheld by the Issuer. Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock.

4. On February 13, 2023, the Reporting Person was granted 352,941 RSUs vesting quarterly over four (4) years from March 1, 2023.

5. On February 12, 2024, the Reporting Person was granted 154,392 RSUs vesting quarterly over four (4) years from March 1, 2024.

6. On February 10, 2025, the Reporting Person was granted 127,211 RSUs vesting quarterly over four (4) years from March 1, 2025.

Remarks:

President, DraftKings North America

	/s/ Faisal Hasan, attorney-in-fact	09/03/2025
	** Signature of Reporting Person	Date
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